A Study On The Motivation And Performance Of Express Enterprises' Backdoor Listing

In recent years,as China's economic development has entered a new normal state,and economic growth has entered a period of growth.The development of express enterprises has also gone through the golden stage,leaving the high speed growth period and entering a more competitive mature period of competition.Many domestic express companies have chosen backdoor listing under such circumstances,and are committed to promoting their development with the help of capital market.For example,at the end of 2015,Shen Tong was intended to borrow the shell of AIDSI.In 2016,the Yuantong,Shun Feng and Yun Da were designed to borrow the shell of the big Yang,Ding Tai new material and the New sea stock market capital market,while Zhong Tong and Baishi express also entered the capital market through IPO.What are the motivations for express companies to get together and choose backdoor listing?Is there any change in the performance of express companies after backdoor listing?This article selected the case of Shing Feng's backdoor Ding Tai new material to explore the reasons for the backdoor listing of express companies and the performance changes before and after backdoor listing.First of all,this article used the literature research method to comb the research results of the domestic and foreign scholars on the motivation,performance and valuation of the shell resources.The author was familiar with the overall research status of the backdoor listing,and then built a solid theoretical basis and constructed the theoretical system of this study.When studying the literature,it was found that there were few literatures about the motivation and performance of the backdoor listing of express enterprises,thus locking the research value of this paper.Secondly,through the use of case analysis,the paper focused on the motivation and performance of the express companies' backdoor listing,and analyzed the motivation of the listing of express enterprises in the context of the special period of express industry in China.Based on the above research,it focued on the analysis of the motivation of Shun Feng and the changes in the performance of the borrowings before and after the listing.It analyzed the short-term performance by using the event study method while using the financial index method and the EVA evaluation method.,to analyze the long-term performance.The study found that,from the perspective of the whole express industry,the motivation of its backdoor listing included changing the current situation of competition,exerting scale economic effect and synergy effect,low threshold of backdoor listing,and encouraging the development of the government.In the case of Shun Feng,the motivation of the backdoor listing was similar to the express industry.In the performance research,the short term performance was better and the short-term performance was obviously increased in the short term.In terms of long-term performance,after the backdoor listing,with the help of the external force of the capital market,the profitability,solvency,operating ability and development ability of Shun Feng holdings were good.EVA was also greater than 0 and obviously increased.Finally,this paper also summarized and analyzed the revelation of Shun Feng 's backdoor listing.In the end,this paper also summarized and analyzed the revelation of the case of the listing of the borrowing shell of SF holdings,which was helpful to provide effective suggestions for the peers or other enterprises to plan the progress of the listing.